Carnival Reports Third Quarter Earnings

Thursday, October 25, 2001

Carnival Corporation reported record net income of $495.0 million on revenues of $1.49 billion
for its third quarter ended August 31, 2001, compared to net income of $396.2 million on revenues of $1.23 billion for the same quarter in 2000.

Net income for the nine months ended August 31, 2001, was $809.9 million on revenues of $3.58 billion, compared to net income of $771.7 million on revenues of $2.93 billion for the
same period in 2000.

The 25 percent increase in the third quarter net income was primarily the result of a 14.5 percent, or $57 million, increase in net
income from the company's existing cruise operations, and a $42 million
increase in the company's net income from its Costa Cruises subsidiary. The
increase in earnings from Costa's operations primarily resulted from the
consolidation of Costa and a change in the timing of reporting Costa's
operations from a two month lag to the current monthly period, both of which
commenced at the beginning of 2001, and an improvement in Costa's operating
results.

Third quarter 2001 net income also included the previously reported gain of
approximately $100 million from the sale of the company's minority interest
in Airtours, a European tour operator. In addition, the third quarter 2001
included a loss of approximately $101 million related to the write-down and
sale of certain assets primarily associated with the company's Cunard and
Seabourn luxury brands. These two one-time events effectively offset each
other.